Norwegian operator buys more Faroe stake

Norwegian oil and gas operator DNO ASA has further increased its stake in UK-based Faroe Petroleum.

Following several transactions earlier in April through which DNO acquired a total of 27.68 percent interest in Faroe, the Norwegian operator on Friday acquired 3,744,203 shares in Faroe Petroleum at a price of GBP 1.25 per share representing 1.02 percent of the outstanding shares in Faroe Petroleum.

After the latest transaction, DNO owns 105,247,866 shares representing 28.71 percent of the outstanding shares in Faroe Petroleum.

However, the company previously said it did not intend to make an offer for Faroe Petroleum.

It is worth reminding that DNO bought a 15.37% interest in Faroe Petroleum from Israeli firm Delek in a deal worth about £70 million.

Faroe previously said that DNO’s GBP 1.25 per share price substantially undervalued the company and its prospects.

Offshore Energy Today Staff

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